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Fondo Mivivienda restarts issuance, but is not the best read across for most LatAm issuers
Issuers struggle over what concessions investors will require
Issuance in March was never going to be hefty after a record start to the year
Government borrowing costs are rising on local and international markets, and credit ratings are falling
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A strong aftermarket performance from Millicom’s Paraguayan subsidiary the day after pricing showed that Latin American bond markets were hungry for new supply, despite growing concerns over Brazil. -
Telefónica Celular del Paraguay (TeleCel), the Paraguayan subsidiary of pan-EM telecoms group Millicom International Cellular, returned to bond markets for the first time in over six years on Thursday.
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A bond market keen for duration welcomed pulp and paper producer Klabin’s dual-tranche offering this week, but a stormy atmosphere for Brazilian names put the new issue concession higher than recent deals as investors began to seriously doubt the country’s economic prospects.
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The Peruvian subsidiary of Spanish group Telefónica will begin investor meetings on Thursday as it plans what would be the first ever global nuevo sol deal from a non-financial Peruvian corporate.
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Fitch has slashed the rating of Mexican textiles company Kaltex by three notches to CC, warning that the issuer could soon look to restructure its $320m senior unsecured notes maturing in April 2022.
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Telecoms company Cable & Wireless, which operates mostly in the Caribbean, added $300m to its longest dated bond on Wednesday in a deal that received strong backing from US high yield buyers.
